Last week’s economic data had better news than most observers had been expecting. It certainly was an up week for McDonald’s which reported a 5.1% rise in same store sales for May, indicating that consumers continue to be cautious in spending. Growth for the chain was greatest overseas (+7.6% in Europe and 6.4% in Asia Pacific, Middle East and Africa), but the 2.8% in U.S. growth is nothing to sneeze at.
Economic reports due out this week include the release of the April Wholesale Trade figures as well as weekly chain store and retail sales index numbers on June 9. The following day the Fed releases its compilation of anecdotal reports about business conditions nationwide, known as the “beige book,” it is published a few weeks before each policy making meeting. The winter release was mostly downbeat and observers are hoping for renewed optimism this time around.